Rational functions on $\mathbb{P}^1$ without poles

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my question is related to this exposition about Shtukas. In the subsection on Algebraic Geometry, D.Goss is talking about "rational functions without poles on $\mathbb{P}^1$".
I have the following questions:

$\bullet$ What does $\Gamma$ denote? Is this just the restriction of the structure sheaf $\mathcal{O}_{\mathbb{P}^1}$ to the open affine subspace $U$?

$\bullet$ What does he mean by a rational function without poles? How is a pole defined in this context in the first place?

Thank You for Your help,
SDIGR