The correct answer is C) before the boat is lowered from the embarkation level. The reasoning is that the tricing pennants, which are used to hold the lifeboat in position while it is being lowered, should be released before the boat is lowered. This allows the boat to swing free and clear the embarkation level safely. Releasing the tricing pennants after the boat is in the water (option A) or as the boat-fall blocks break clear (option B) would not provide the necessary clearance during the lowering process. Option D, before the boat is lowered from the stowed position, is also incorrect as the tricing pennants should be released at the embarkation level, not while the boat is still stowed.