What are the governing principles on an application to set aside a default judgment?

The governing principles on an application to set aside a default judgment are defined in Miracle Feeds v. D. & H. Enterprises Ltd.:[1] 1. [The defendant] did not wilfully or deliberately fail to enter an appearance or file a defence to the plaintiff's claim; 2. [The defendant] made application to set aside the default judgment as soon as reasonably possible after obtaining knowledge of the default judgment, or give an explanation for any delay in the application being brought; 3. [The defendant] has a meritorious defence or at least a defence worthy of investigation; and 4. That the foregoing requirements will be established to the satisfaction of the court through affidavit material filed by or on behalf of the defendant.