Yep. Also, multiple classes can claim the same nest member class in their NestMembers attributes. Not a problem as long as the MemberOfNest attribute (if any) of the member class points to a host class that claims it.
At the risk of bikeshedding, I find the names NestMembers and MemberOfNest confusing; I keep having to think about the directionality, since they sound so similar. Would be good to find names that have obviously opposite directionality.
A not-very-good suggestion (but which illustrates the directionality thing I'm going for) would be "NestDeclaration" and "NestUse". It's pretty clear which is which without thinking about it.
Perhaps: NestHost and NestMember ?