This variable is not always defined; it is set to the exception instance when an exception is not handled and the interpreter prints an error message and a stack traceback. Its intended use is to allow an interactive user to import a debugger module and engage in post-mortem debugging without having to re-execute the command that caused the error. (Typical use is import pdb; pdb.pm() to enter the post-mortem debugger; see pdb module for more information.)