specific layer effect help?

I'm having trouble wrapping my head around this puzzle. I'm not even sure how to describe what I'm trying to accomplish but I'm hoping some kind of layer effect will work.

Here's the .Cap: https://dl.dropbox.com/u/28484936/layer_effect_example.cap

In this simple example I have 3 layers. The background layer (with the circles), the middle layer (checkered) and the top layer (the gray semi-transparent mask with a hole in the middle).

<img src="https://dl.dropbox.com/u/28484936/2013-02-11_185151.png" border="0">

<img src="https://dl.dropbox.com/u/28484936/2013-02-11_183226.png" border="0">

What I want is for the middle layer (checkers) to only show through where the hole is. Any part of the checkered layer that is covered by the grey area should be invisible, while the background (circles) should show through normally. The end result should look like this:

<img src="https://dl.dropbox.com/u/28484936/2013-02-11_183309.png" border="0">

For the sake of this example I put all three of these object on separate layers but they don't necessarily have to be laid out like this. Any ideas? Thanks!

It can be done with the erase effect:

http://dl.dropbox.com/u/5426011/fixed/robit_studios.cap

Layer 2 has "force own texture" checked and the erase effect was given to the grey tiled background.

R0J0! Once again you are a lifesaver. :) This is exactly what I needed.

Now, this isn't a necessity but it would be awesome if this could all be done on 1 layer (just for simplicity in a project that is already complex). Would this be possible? I tried a few things but it seems like at least 2 layers are required.

Like I said, though, the method you described will work just fine for my purposes. Thanks!