Twice per day, the spellcaster may sacrifice a number of spell levels to regain a spell slot equal to the amount of level sacrificed. For instance, if the spellcaster wanted to use another level 4 spell, but ran out of level 4 spell slots, they could burn 4 level 1, 2 level 2, a level 1 and a level 3, or 2 level 1s and a level 2 spell slot to get one use of a level 4 spell.
The number of times this can be used increases to 3 times a day at level 5, 4 at level 10, 5 at level 15, and 6 at level 20.
This cannot work backwards. You may not burn a level 4 spell slot to get 4 level 1 slots.
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