any member of SIPC (including a person who was a member within one hundred eighty days prior to such determination) has failed or is in danger of failing to meet its obligations to customers;

one or more of the conditions specified in section 78eee(b)(1) of this title exist with respect to such member;

the claim of each customer of the member is within the limits of protection provided in section 78fff–3(a) of this title;

the claims of all customers of the member aggregate less than $250,000;

the cost to SIPC of satisfying customer claims under this section will be less than the cost under a liquidation proceeding; and

such member’s registration as a broker-dealer under section 78o(b) of this title has been terminated, or such member has consented to the use of the direct payment procedure set forth in this section,