> Is "it" referring to a copyright over the actual code base?  Is "it"
> referring to a copyright over what exactly?

I would assume that this "it" refers to "Kepler Project", actually.
But copyright is presumably asserted over whatever software that you
are getting that was written by members of the Kepler team.

To translate the MIT license into plain English:

The software you are getting belongs to Kepler Project. You are
allowed to use it for pretty much whatever purpose, subject to two
conditions: (1) The authors of the software are not responsible if
something goes wrong. (2) If you give the software or a "substantial
portion" of it to other people, you have to tell them that what you
got from Kepler project belongs to Kepler Project, include the
copyright notice and keep the permission notice.

(This is not legal advice. If you want legal advice you should hire a lawyer.)

- yuri

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