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Just to clarify, models do not lose Keywords due to allegiance correct? Meaning if I play Nighthaunts, my models keep their Soulblight keyword allowing me to build the mortis engine I got into a Bloodseeker Palaquin and use it as an ally while having it's abilities still work.

That's correct. Allegiance is really just any common keyword. Technically, you could have an Allegiance - Aelf army, you just don't get any special rules for doing so.