from twisted.internet import defer

def callback_one(result):
    print('Callback one: got "{}", will raise ZeroDivisionError'.format(result))
    raise ZeroDivisionError
    # yield

def errback_two(failure):
    print('Errback two: handled "{}", recovering'.format(failure.type))
    return 'recovered'

def callback_three(result):
    print('Callback three: got "{}"'.format(result))
    return 'Final result'

if __name__ == '__main__':
    d = defer.Deferred()
    d.addCallback(callback_one)
    d.addErrback(errback_two)
    d.addCallback(callback_three)
    d.callback('First result')

Callback one: got "First result", will raise ZeroDivisionError
Errback two: handled "<class 'ZeroDivisionError'>", recovering
Callback three: got "recovered"

Callback three: got "<generator object callback_one at 0x104603af0>"