Preheat oven to 325°F. Butter and flour a 12-cup Bundt pan and set aside.
Reserve 10 Maraschino cherries to be used in the glaze.
In a large bowl, use an electric mixer to combine butter and sugar until creamy and well blended. Add lime zest and mix again to combine.
Beat in eggs one at a time until well combined.
Add salt. Add flour mixture, 1/3 at a time, alternating with 7-Up. Add remaining cherries and stir to combine.
Pour batter into prepared Bundt pan. Tap pan on the counter several times to release air bubbles. Bake 1 hour 15 minutes, or until a thin sharp knife comes out of the center clean. Place on a wire rack to cool for 20 minutes.
Place a plate over the top of the pan and flip cake upside down, releasing cake onto plate. You may have to tap pan a few times with a knife to release from pan. Allow cake to cool completely.
While cake is cooling, finely chop reserved Maraschino cherries. In a medium bowl, combine cherries and glaze ingredients. Beat with an electric mixer on high speed until well combined. Glaze should be the consistency of corn syrup. Add more powdered sugar (a tablespoon at a time) if necessary to thicken glaze.
Drizzle the glaze over the cooled cake. Slice, serve, and enjoy!
Notes
If you only have regular 7-Up, just add a splash of maraschino cherry juice and make sure the liquid still measures ¾ cup in the cake. For the glaze, use 1 ½ tablespoons soda and ½ tablespoon maraschino cherry juice.
Recipe slightly adapted from The RecipeGirl Cookbook, pg. 278