Phasing out equipment

Assume that you control a token creature that has been equipped with an equipment (for the sake of simplicity, let's say for example Flayer Husk is equipped to the token it creates). Then someone casts Reality Ripple targeting the token creature. What happens?

The token creature will be phased out. What happens to the equipment? The following rule specifies what happens:

702.25f When a permanent phases out, any Auras, Equipment, or Fortifications attached to that permanent phase out at the same time. This alternate way of phasing out is known as phasing out "indirectly." An Aura, Equipment, or Fortification that phased out indirectly won’t phase in by itself, but instead phases in along with the permanent it’s attached to.

The equipment phases out alongside the creature. Because it phased out "indirectly", it won't phase in automatically during the player's next untap step.

But what happens to the token when it phases out?

702.25k Phased-out tokens cease to exist as a state-based action. See rule 704.5d.

In other words, both the token and the equipment will phase out, then the token will immediately cease to exist, and... the equipment will never phase in again, because it was phased out indirectly.

The equipment will remain phased out for the rest of the game (unless something specifically phases it in.) A phased-out permanent is treated as though it doesn't exist at all.

This is even more of a "remove from the game" than exiling is...