Lokenth feels really loyal to Jenred still. Jenred gave him a chance, and direction, when no one else would. Velax invited him into his house even though he was a [literally] stinking, dirty commoner, gave him wine and food and treated him like a guest. He'd be hard-pressed to have to choose between them. Though he is a knight now, and that oath of fealty and sense of honor does strange things to a man.