In a small sauce pan melt butter, remove from heat add in all remaining ingredients (chives, cilantro, garlic, cayenne pepper, black pepper, chile sauce) except for the cheese. Whisk together until combined.
Cut loaf of Italian bread in half, spoon sauce over both sides of bread, sprinkle with cheese.
Toast bread in a 425 degree oven for 10 minutes or until bubbly and golden. Cut into sections and serve.