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Terminology (1/2)
Peer Address Set:
A peer address set is a subset of locally operational addresses of a peer. A policy available at peer A indicates which addresses to include in the peer address set. Such a policy might be impacted by manual configuration or by interaction with other protocols that indicate new available addresses.
Preferred Address:
An address on which a peer prefers to receive MOBIKE messages and IPsec protected data traffic.

A given peer has only one active preferred address at a given point in time (ignoring the small time period where it needs to switch from the old preferred address to a new preferred address).
PPT Version