Lightly brush 2 tablespoons of the olive oil on 1 side of bread slices. Turn bread over. In small bowl combine Parmesan cheese, remaining 1 tablespoon olive oil and basil. Lightly spread half Parmesan mixture on top of 14 bread slices.
Cut cheese slices to fit bread. Layer Gouda, fontina, tomato slices and Cheddar on top of each Parmesan-topped bread slice. Sprinkle remaining Parmesan mixture over cheese. Top with remaining bread slices, oiled side out.
Cook sandwiches in batches in large skillet over medium-low heat 4 to 6 minutes or until cheese melts and bread is toasted, turning once. Set aside cooked sandwiches; keep warm until ready to serve.
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