Could I use JCGO (the translator and the accompanying run-time libraries) with a commercial closed source application?
Sure, provided you have purchased the JCGO commercial license. Everything (with the only exception) accompanying the JCGO could be used in a commercial project. More over, most of the JCGO components are open-source (mostly released under GPL plus the Classpath exception). The only mentioned exception is: the Sun JDK 1.4 GUI/Sound/SQL back-ends (currently they are available under the Sun Research-only license).
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