Lori Loughlin's plea agreement: What the terms mean

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here. 

Lori Loughlin and Mossimo Giannulli have agreed to plead guilty in the nationwide college admissions scandal case and to each serve time in prison after more than a year of maintaining their innocence.

Fox News has obtained the couple's respective plea agreements filed Wednesday in federal court, which spell out what exactly the couple should face next if approved by a federal judge.

Loughlin, 55, and Giannulli, 56, both of Los Angeles, Calif., will plead guilty before U.S. District Court Judge Nathaniel M. Gorton on a date to be determined by the Court. 

WHAT COUNTRIES HAVE NOT DECLARED ANY KNOWN CASES OF CORONAVIRUS?

In this April 3, 2019, file photo, actress Lori Loughlin, front, and her husband, clothing designer Mossimo Giannulli, left, depart federal court in Boston after a hearing in a nationwide college admissions bribery scandal.  (AP)

In Loughlin's plea agreement, lawyers for the "Full House" alum state that she plans to plead guilty to the charges of conspiracy to commit wire and mail fraud to obtain property.

"Defendant expressly and unequivocally admits that she committed that crime, did so knowingly and intentionally, and is in fact guilty of that offense," the document reads.

Her husband's plea agreement confirms his plans to plead guilty to one count of conspiracy to commit wire and mail fraud and honest services wire and mail fraud.

CORONAVIRUS VACCINE DEVELOPMENT: WHERE DOES IT STAND?

Loughlin and Giannulli previously pleaded not guilty to expanded charges of bribery brought against them in October along with 11 other parents swept up in the scandal.

Actress Lori Loughlin poses with her daughter Olivia Jade Giannulli, left, at the 2019 "An Unforgettable Evening" in Beverly Hills, Calif. (AP)

The duo has been accused of arranging a total collective payment of $500,000 to college counselor William "Rick" Singer, the scam mastermind, to get their daughters, Olivia Jade and Isabella recruited to USC as athletes on the crew team, despite never having participated in the sport.

If the terms of the agreement are accepted by a judge, both will serve time behind bars.

Prison time

Prosecutors and Loughlin's attorneys have agreed that the actress would serve two months in prison and pay a $150,000 fine along with two years of supervised release and 100 hours of community service. 

Meanwhile, Giannulli would serve five months in prison, pay a $250,000 fine with two years of supervised release and 250 hours of community service.

Lori Loughlin and husband Mossimo Giannulli leave the John Joseph Moakley United States Courthouse in Boston on Aug. 27, 2019.  (Getty)

Other charges

The legal documents specify that the U.S. Attorney agrees to dismiss counts two and three of the Fourth Superseding Indictment "following the imposition of sentence at the sentencing hearing." 

This means prosecutors will drop the money laundering and bribery charges that a grand jury previously brought forth against the couple.

CORONAVIRUS: 5 UNUSUAL WAYS PEOPLE REACTED

What happens if the judge rejects the plea?

If the judge rejects Loughlin and Mossimo's plea agreements, the documents will be deemed "null and void at the option of the U.S. Attorney," the documents state. The same would occur if the actress and her fashion designer husband withdraw their guilty pleas at any time.

Lori Loughlin, left, leaves as her husband Mossimo Giannulli, right, trails behind her outside of the John Joseph Moakley United States Courthouse in Boston on April 3, 2019.  (Jessica Rinaldi/The Boston Globe via Getty Images)

That said, the plea agreement is allowed to be modified only in writing and signed by the parties and the court.

What happens if the judge accepts the plea?

If a federal judge signs off on both plea agreements, the couple will become the 23rd and 24th parents to plead guilty in the college admissions scandal, which saw parents pay large sums to Singer to get their kids admitted to the school of their choice through various allegedly fraudulent means.

A judge will then schedule sentencing hearings in which both will be expected to attend. 

CLICK HERE TO GET THE FOX NEWS APP

"Under the plea agreements filed today, these defendants will serve prison terms reflecting their respective roles in a conspiracy to corrupt the college admissions process and which are consistent with prior sentences in this case. We will continue to pursue accountability for undermining the integrity of college admissions," United States Attorney Andrew E. Lelling said in a statement.