If a Firm Has Debt Outstanding the Contingent Claim of an Equityholder

If a firm has debt outstanding the contingent claim of an equityholder is:

A) equal to the payment to the debtholders
B) equal to the firm cashflows minus the fixed debt payment if the residual cashflows are positive
C) equal to the firm cashflows minus the fixed debt payment whether positive or negative
D) equal to the debt payment plus the residual cashflow of the firm.