Teferi stepped calmly into the fray. Suddenly the sun paused in the sky and the werewolves' snarls froze on their faces.

Borrowed Time

When this enchantment enters, exile target nonland permanent an opponent controls until this enchantment leaves the battlefield.

Innistrad: Double Feature

Innistrad: Midnight Hunt

Auras attached to the exiled permanent will be put into their owners' graveyards. Equipment attached to an exiled creature will become unattached and remain on the battlefield. Any counters on the exiled permanent will cease to exist.

Borrowed Time's ability is a single ability that creates two one-shot effects: one that exiles the permanent when the ability resolves, and another that returns the exiled card to the battlefield immediately after Borrowed Time leaves the battlefield.

If Borrowed Time leaves the battlefield before its enters-the-battlefield ability resolves, the target permanent won't be exiled.

If a token is exiled, it ceases to exist. It won't be returned to the battlefield.

In a multiplayer game, if Borrowed Time's owner leaves the game, the exiled card will return to the battlefield. Because the one-shot effect that returns the card isn't an ability that goes on the stack, it won't cease to exist along with the leaving player's spells and abilities on the stack.