EX-5 2 kl04064_ex5-1.txt EXHIBIT 5.1 OPINION Exhibit 5.1 KRAMER LEVIN NAFTALIS & FRANKEL LLP 919 THIRD AVENUE NEW YORK, NY 10022 - 3852 PARIS TEL 212-715-9100 47, AVENUE HOCHE 75008 FAX 212-715-8000 TEL (33-1) 44 09 46 00 FAX (33-1) 44 09 46 01 April 30, 2004 Internet Commerce Corporation 805 Third Avenue New York, New York 10022 Re: Registration Statement on Form S-3 ---------------------------------- Ladies and Gentlemen: We have acted as counsel to Internet Commerce Corporation, a Delaware corporation (the "Registrant"), in connection with the preparation and filing of a Registration Statement on Form S-3 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") with respect to the registration under the Securities Act of 1933, as amended (the "Act"), of an aggregate of 3,964,384 shares (the "Shares") of class A common stock, par value $.01 per share (the "Common Stock"), of the Registrant, which includes 1,132,677 shares of Common Stock issuable upon the exercise of warrants. In rendering our opinion, we have reviewed such documents as we have deemed appropriate to enable us to express an opinion on the matters covered hereby, including, without limitation, the Securities Purchase Agreement dated April 15, 2004 among the Registrant and purchasers identified therein (the "Purchase Agreement") and the form of Warrant Agreement dated April 20, 2004 (the "Warrants"). In addition, in rendering our opinion, we have assumed the genuineness of all signatures on all documents reviewed by us, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as photostatic or conformed copies and the authenticity of the originals of such copies. As to various matters of fact material to our opinion we have, without any investigation or independent verification, relied on representations, statements and certificates of public officials and officers and representatives of the Registrant. Based upon and subject to the foregoing, we are of the opinion that: 1. The shares of Common Stock covered by the Registration Statement and issued pursuant to the Purchase Agreement have been validly issued and are fully paid and non-assessable. Kramer Levin Naftalis & Frankel LLP Internet Commerce Corporation April 30, 2004 Page 2 2. The shares of Common Stock covered by the Registration Statement and issuable upon the exercise of the Warrants, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and non-assessable. We do not express any opinion with respect to any law other than the General Corporation Law of the State of Delaware and the federal laws of the United States of America. Our opinion is rendered only with respect to the laws and legal interpretations and the facts and circumstances which are currently in effect. We hereby consent to the use of this opinion as an exhibit to the Registration Statement. In giving the foregoing consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission thereunder. Very truly yours, /s/ Kramer Levin Naftalis & Frankel LLP