Melt butter in medium saucepan over medium heat. Add shallots; saute 2 minutes. Mix in tomato paste. Add both broths; ; boil until reduced to 1 1/4 cups, abut 25 minutes. Strain sauce into small saucepan. Add cherries, Port, brandy, 1/2 teaspoon rosemary and 1/2 teaspoon marjoram; boil until reduced to 1 cup, about 15 minutes. Mix in peppercorns. Set aside.

Preheat oven to 425 degrees. Sprinkle each rack of lamb with 4 1/2 teaspoons rosemary, 4 1/2 teaspoons marjoram and 4 teaspoons parsley; press to adhere. Sprinkle with salt and pepper. Heat oil in large skillet over high heat. Add 1 lamb rack; brown on all sides, about 6 minutes. Place lamb, meat side up, in baking pan. Repeat with second rack. Roast until meat thermometer inserted into center registers 130 degrees for medium-rare, about 18 minutes. Place lamb on carving board; let stand 10 minutes.

bring sauce to simmer. Cut lamb between bones. Serve lamb with sauce.