A token is related only to the card number. The anatomy of a token doesn’t have any dependency on CVV, Exp date. If the card is expired the token still remains valid assuming that the new card that has been delivered to the consumer by the issuing bank has the same card number. If the card has been lost or stolen or has been cancelled by the issuing bank/consumer for any reason then the new card will have new number. In this scenario you have to re tokenize the card because the card number changed and it is entirely a new card.
If you want, you can delete the token from your data base at your end. Once the card is tokenized with Payeezy there is no need to update the exp date as long as the new card delivered has the same card number. If the card number changes ….well it is a new card and has to be tokenized again.