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Preheat oven to 350 degrees. Line a cookie sheet with aluminum foil so that foil overlaps cookie sheet on all sides.
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With a sharp bread knife or electric knife, slice loaf almost to the bottom, then rotate bread and slice again as shown. Be careful not to slice all the way through! Place loaf on prepared cookie sheet and set aside.
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Slice olives; set aside.
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Slice green onions; set aside.
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In medium bowl, mix together butter, mayonnaise and pepper until well blended.
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Mix in olives and green onions.
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Stuff olive mixture into bread, working into all the spaces.
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Cover loaf with foil. Bake for 15 minutes.
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Unwrap loaf. Bake additional 10-15 minutes, until cheese is melty and bubbly. Serve immediately.