1Heat oven to 350°F. For easy cleanup, line shallow roasting pan with foil. Place beef, fat side up, in pan. In small bowl, mix basil, thyme, salt, garlic powder and pepper; sprinkle and press onto all surfaces of roast. Insert ovenproof meat thermometer so tip is in thickest part of beef and does not rest in fat or touch bone. (Do not add water to pan.)
2For medium-rare, roast uncovered 1 hour 45 minutes to 2 hours 15 minutes or until thermometer reads 135°F. (Temperature will continue to rise about 10°F, and beef will be easier to carve.) Cover beef loosely with foil; let stand 15 to 20 minutes until thermometer reads 145°F. For medium, roast 2 hours 15 minutes to 2 hours 45 minutes or until thermometer reads 150°F. Cover beef loosely with foil; let stand 15 to 20 minutes or until thermometer reads 160°F.
3Remove beef from pan onto carving board; carve beef. Serve with pan drippings if desired.