How to most elegantly iterate through parallel collections?

it1 = coll1.iterator();
it2 = coll2.iterator();
while(it1.hasNext() && it2.hasNext()) {
   value1 = it1.next();
   value2 = it2.next();
   do something with it1 and it2;
}

This version terminates when the shorter collection is exhausted; alternatively, you could continue until the longer one is exhausted, setting value1 resp. value2 to null.