The Life Exotic perk is a perk that allows that exotic item to be used along with a second exotic on the same line. Currently it's only on the faction exotic class items. The exotic swords are better suited for close combat, with the exception of the Bolt-Caster. I just think it'd really change up playstyles if we were allowed to use the swords along with something more appropriate as an exotic.
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The swords are Extremely powerful.... Extremely. I've even seen the Razelighter called the Gjallarsword. In capable hands they are unstopable. This would not be a good perk for them. I can for see some really nasty Bolt Caster boss melter builds. It's just too much.