If the equipped creature is dealt lethal damage at the same time that you gain life, it will die before Excalibur II's first ability would resolve.
Excalibur II
Each creature with lifelink dealing combat damage causes a separate life-gaining event. For example, if two creatures you control with lifelink deal combat damage at the same time, Excalibur II's ability will trigger twice. However, if a single creature you control with lifelink deals combat damage to multiple creatures, players, planeswalkers, and/or battles at the same time (perhaps because it has trample or was blocked by more than one creature), the ability will trigger only once.
If you gain an amount of life "for each" of something or "equal to the number" of something, that life is gained as one event and Excalibur II's first ability triggers only once.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Russell Dongjun Lu
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