| Re: | CBIZ, Inc. Registration Statement on Form S-3 |
| | the Registration Statement; | ||
| | the Indenture; | ||
| | the form of Note; | ||
| | the Amended and Restated Certificate of Incorporation of the Company, as amended; | ||
| | the Amended and Restated Bylaws of the Company; | ||
| | the resolutions of the Board of Directors of the Company adopted May 18, 2006; | ||
| | the Written Consent of the Sole Member of the Pricing Committee of the Board of Directors of the Company adopted May 23, 2005; and | ||
| | an officers certificate of the Company dated as of the date hereof. |
| 1. | The Notes have been duly authorized by the Company and constitute valid and binding obligations of the Company, entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms. | |
| 2. | The Conversion Shares have been duly authorized and reserved for issuance upon conversion of the Notes by all necessary corporate action of the Company and, when issued and delivered upon conversion of the Notes in accordance with the terms of the Indenture, will be validly issued, fully paid and non-assessable. | |
| The opinions and other matters in this letter are qualified in their entirety and subject to the following: | ||
| 1. | We express no opinion as to the laws of any jurisdiction other than any published constitutions, treaties, laws, rules or regulations or judicial or administrative decisions (Laws) of the Laws of State of New York and the General Corporation Law of the State of Delaware. | |
| 2. | The opinions expressed in this letter are subject to and qualified and limited by: (i) applicable bankruptcy, insolvency, fraudulent transfer and conveyance, reorganization, moratorium and similar Laws affecting creditors rights and remedies generally including court decisions interpreting such Laws; (ii) general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity); (iii) commercial reasonableness and unconscionability and an implied covenant of good faith and fair dealing; (iv) the power of the courts to award damages in lieu of equitable remedies; (v) securities Laws and public policy underlying such Laws with respect to rights to indemnification and contribution; and (vi) constitutional limits on Laws that govern the choice of law provisions in agreements. | |
| 3. | We express no opinion as to the enforceability of Section 7.12 of the Indenture. | |
| 4. | With respect to the opinions expressed in paragraph 2 herein as to the due authorization and valid issuance of the Conversion Shares, in determining the number of shares of capital stock of the Company authorized at any time we have relied, without any further inquiry, on a long-form certificate of incorporation issued by the Secretary of State of the State of Delaware that sets forth all charter documents of the Company. With respect to the opinions expressed in paragraph 2 herein as to the Conversion Shares being validly issued, fully paid and non-assessable when issued and delivered upon conversion of the Notes in accordance with the terms of the Indenture, we assume that the price per share of such issuance will be at least equal to the par value per share of the Conversion Shares. |
| Very truly yours, | ||
| /s/ Akin Gump Strauss Hauer & Feld LLP |