<PAGE>
                                                                     EXHIBIT 4.7



                              SILICON VALLEY BANK

                          REGISTRATION RIGHTS AGREEMENT

        THIS REGISTRATION RIGHTS AGREEMENT is entered into as of November __,
2001 by and between SILICON VALLEY BANK ("Purchaser") and MTI TECHNOLOGY
CORPORATION (the "Company").

                                    RECITALS

        A. Concurrently with the execution of this Agreement, the Purchaser is
purchasing from the Company a Warrant to Purchase Stock (the "Warrant") pursuant
to which Purchaser has the right to acquire from the Company the Shares (as
defined in Section 14 of the Warrant).

        B. By this Agreement, the Purchaser and the Company desire to set forth
the registration rights of the Shares all as provided herein.

               NOW, THEREFORE, in consideration of the mutual promises,
covenants and conditions hereinafter set forth, the parties hereto mutually
agree as follows:

        1.     Registration Rights. The Company covenants and agrees as follows:

              1.1     Definitions.  For purposes of this Section 1:

                      (a) The term "register," "registered," and "registration"
refer to a registration effected by preparing and filing a Registration
Statement or similar document in compliance with the Securities Act of 1933, as
amended (the "Securities Act"), and the declaration or ordering of effectiveness
of such Registration Statement or document.

                      (b) The term "Registrable Securities" means (i) the
Shares, and (ii) any Common Stock of the Company issued as (or issuable upon the
conversion or exercise of any warrant, right or other security which is issued
as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, any stock referred to in (i).

                      (c) The terms "Holder" or "Holders" means the Purchaser or
qualifying transferees under Section 1.9 hereof who hold Registrable Securities.

                      (d) The term "SEC" means the Securities and Exchange
Commission.

                      (e) The term "Registration Statement" means a registration
statement filed by the Company with the SEC in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering
and sale of its Common Stock (other than a registration statement on a Limited
Purpose Form). As used herein, "Limited Purpose Form" means Form S-8 relating
solely to employee stock option or purchase plans, or Form S-4 relating solely
to an SEC Rule 145 transaction, or any other form (but excluding Forms S-1, S-2,



                                       1
<PAGE>

S-3 or S-18, or their successor forms) or any successor to such forms, which
does not include substantially the same information as would be required to be
included in a Registration Statement covering the sale of Registrable
Securities.

              1.2     Company Registration.

                      (a) Registration. If at any time or from time to time, the
Company shall determine to register any of its securities, for its own account
or the account of any of its shareholders, other than a registration on a
Limited Purpose Form, the Company will:

                             (i) promptly give to each Holder written notice
thereof (which shall include a list of the jurisdictions in which the Company
intends to attempt to qualify such securities under the applicable blue sky or
other state securities laws); and

                             (ii) include in such registration (and compliance),
and in any underwriting involved therein, all the Registrable Securities
specified in a written request or requests, made within 30 days after receipt of
such written notice from the Company, by any Holder or Holders, except as set
forth in Section 1.2(b) below.

                      (b) Underwriting. If the registration of which the Company
gives notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as a part of the written notice given
pursuant to Section 1.2(a)(i). In such event the right of any Holder to
registration pursuant to this Section 1.2 shall be conditioned upon such
Holder's participation in such underwriting and the inclusion of such Holder's
Registrable Securities in the underwriting to the extent provided herein. All
Holders proposing to distribute their securities through such underwriting shall
(together with the Company and the other shareholders distributing their
securities through such underwriting) enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such
underwriting by the Company. Notwithstanding any other provision of this Section
1.2, if the underwriter advises the Company that marketing factors require a
limitation of the number of securities underwritten (including Registrable
Securities), then the Company shall so advise all holders (including the
Holders) of Registrable Securities that would otherwise be so underwritten, and
the number of shares that may be included in the underwriting shall be allocated
to the holders (including the Holders) of such Registrable Securities on a pro
rata basis based on the number of Registrable Securities held by all such
holders (including the Holders).

              1.3 Expenses of Registration. All expenses incurred in connection
with any registration, qualification or compliance pursuant to this Section 1
including without limitation, all registration, filing and qualification fees,
printing expenses, fees and disbursements of counsel for the Company and
expenses of any special audits incidental to or required by such registration,
shall be borne by the Company except the Company shall not be required to pay
underwriters' fees, discounts or commissions relating to Registrable Securities.
All expenses of any registered offering not otherwise borne by the Company shall
be borne pro rata among the Holders participating in the offering and the
Company.



                                       2
<PAGE>

              1.4 Registration Procedures. In the case of each registration,
qualification or compliance effected by the Company pursuant to this
Registration Rights Agreement, the Company will keep each Holder participating
therein advised in writing as to the initiation of each registration,
qualification and compliance and as to the completion thereof. At its expense
(except as otherwise provided in Section 1.3), the Company will:

                      (a) (i) in the case of a registration under Section 1.2,
prepare and file with the SEC a Registration Statement with respect to such
Registrable Securities and use its best efforts to cause such Registration
Statement to become effective, and, upon the request of the Holders of a
majority of the Registrable Securities registered thereunder, keep such
Registration Statement effective for up to 120 days.; and (ii) in the case of a
registration under Section 1.8, take the actions specified in such Section.

                      (b) Prepare and file with the SEC such amendments and
supplements to such Registration Statement and the prospectus used in connection
with such Registration Statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement.

                      (c) Furnish to the Holders such numbers of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable
Securities owned by them.

                      (d) Use its best efforts to register and qualify the
securities covered by such Registration Statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the
Holders, provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions.

                      (e) In the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

                      (f) Notify each Holder of Registrable Securities covered
by such Registration Statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act or the happening of any event
as a result of which the prospectus included in such Registration Statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing.

              1.5     Indemnification.

                      (a) The Company will indemnify each Holder of Registrable
Securities and each of its officers, directors and partners, and each person
controlling such



                                       3
<PAGE>

Holder, with respect to which such registration, qualification or compliance has
been effected pursuant to this Rights Agreement, and each underwriter, if any,
and each person who controls any underwriter of the Registrable Securities held
by or issuable to such Holder, against all claims, losses, expenses, damages and
liabilities (or actions in respect thereto) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any prospectus, offering circular or other document (including any related
Registration Statement, notification or the like) incident to any such
registration, qualification or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statement therein not misleading, or any violation or
alleged violation by the Company of the Securities Act, the Securities Exchange
Act of 1934, as amended, ("Exchange Act") or any state securities law applicable
to the Company or any rule or regulation promulgated under the Securities Act,
the Exchange Act or any such state law and relating to action or inaction
required of the Company in connection with any such registration, qualification
of compliance, and will reimburse each such Holder, each of its officers,
directors and partners, and each person controlling such Holder, each such
underwriter and each person who controls any such underwriter, within a
reasonable amount of time after incurred for any reasonable legal and any other
expenses incurred in connection with investigating, defending or settling any
such claim, loss, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 1.5(a) shall not apply to amounts
paid in settlement of any such claim, loss, damage, liability, or action if such
settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld); and provided further, that the Company will not
be liable in any such case to the extent that any such claim, loss, damage or
liability arises out of or is based on any untrue statement or omission based
upon written information furnished to the Company by an instrument duly executed
by such Holder or underwriter specifically for use therein.

                      (b) Each Holder will, if Registrable Securities held by or
issuable to such Holder are included in the securities as to which such
registration, qualification or compliance is being effected, indemnify the
Company, each of its directors and officers, each underwriter, if any, of the
Company's securities covered by such a Registration Statement, each person who
controls the Company within the meaning of the Securities Act, and each other
such Holder, each of its officers, directors and partners and each person
controlling such Holder, against all claims, losses, expenses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any such Registration Statement, prospectus, offering circular or other
document, or any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse the Company, such Holders, such directors,
officers, partners, persons or underwriters for any reasonable legal or any
other expenses incurred in connection with investigating, defending or settling
any such claim, loss, damage, liability or action, in each case to the extent,
but only to the extent, that such untrue statement (or alleged untrue statement)
or omission (or alleged omission) is made in such Registration Statement,
prospectus, offering circular or other document in reliance upon and in
conformity with written information furnished to the Company by an instrument
duly executed by such Holder specifically for use therein; provided, however,
that the indemnity agreement contained in this Section 1.5(b) shall not apply to
amounts paid in settlement of any such claim,



                                       4
<PAGE>

loss, damage, liability or action if such settlement is effected without the
consent of the Holder, (which consent shall not be unreasonably withheld); and
provided further, that the total amount for which any Holder shall be liable
under this Section 1.5(b) shall not in any event exceed the aggregate proceeds
received by such Holder from the sale of Registrable Securities held by such
Holder in such registration.

                      (c) Each party entitled to indemnification under this
Section 1.5 (the "Indemnified Party") shall give notice to the party required to
provide indemnification (the "Indemnifying Party") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any
such claim or any litigation resulting therefrom; provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not be
unreasonably withheld), and the Indemnified Party may participate in such
defense at such party's expense; and provided further, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations hereunder, unless such failure resulted in
prejudice to the Indemnifying Party; and provided further, that an Indemnified
Party (together with all other Indemnified Parties which may be represented
without conflict by one counsel) shall have the right to retain one separate
counsel, with the fees and expenses to be paid by the Indemnifying Party, if
representation of such Indemnified Party by the counsel retained by the
Indemnifying Party would be inappropriate due to actual or potential differing
interests between such Indemnified Party and any other party represented by such
counsel in such proceeding. No Indemnifying Party, in the defense of any such
claim or litigation, shall, except with the consent of each Indemnified Party,
consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party of a release from all liability in respect to such
claim or litigation.

              1.6 Information by Holder. Any Holder or Holders of Registrable
Securities included in any registration shall promptly furnish to the Company
such information regarding such Holder or Holders and the distribution proposed
by such Holder or Holders as the Company may request in writing and as shall be
required in connection with any registration, qualification or compliance
referred to herein.

              1.7 Rule 144 Reporting. With a view to making available to Holders
the benefits of certain rules and regulations of the SEC which may permit the
sale of the Registrable Securities to the public without registration, the
Company agrees at all times to:

                      (a) make and keep public information available, as those
terms are understood and defined in SEC Rule 144;

                      (b) file with the SEC in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act; and

                      (c) so long as a Holder owns any Registrable Securities,
to furnish to such Holder forthwith upon request a written statement by the
Company as to its compliance



                                       5
<PAGE>

with the reporting requirements of said Rule 144, the Securities Act, and the
Exchange Act, a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed by the Company as the
Holder may reasonably request in complying with any rule or regulation of the
SEC allowing the Holder to sell any such securities without registration.

              1.8     Shelf Registration of Registrable Securities.

                      (a) The Company shall mail as soon as practicable a
questionnaire (the "Questionnaire"), soliciting the information required by
Items 507 and 508 of Regulations S-K under the Securities Act, to each of the
Holders, and shall deliver a copy of such Questionnaire to any Holder within
five (5) days of it becoming available. As a condition to any Registrable
Securities being included in the Registration Statement referred to below, such
Holder shall submit a Questionnaire and shall amend and submit to the Company a
revised Questionnaire any time the information contained therein ceases to be
accurate and complete.

                      (b) The Company agrees to file with the SEC a Registration
Statement (the "Shelf Registration") for an offering to be made on a continuous
basis pursuant to Rule 415 under the Securities Act covering all Registrable
Securities held by the Holder, as soon as practicable from the date hereof, but
in no event more than 60 days from the date hereof. The Holders shall be
included as selling securityholders in such Registration Statement promptly (and
in any event within two (2) Business Days) after they have fully completed and
returned to the Company the Questionnaire. The Shelf Registration shall be on
Form S-3 under the Securities Act or another appropriate form (including Form
S-1, if applicable) permitting registration of such Registrable Securities for
resale by the Holders in the manner or manners reasonably designated by them
(including, without limitation, one or more underwritten offerings). The Company
shall cause the Shelf Registration to be declared effective pursuant to the
Securities Act on or prior to the date that is 120 days after the date hereof
and to keep the Shelf Registration continuously effective under the Securities
Act for 60 months (the "Effectiveness Period") or such shorter period ending
when there ceases to be outstanding any Registrable Securities.

                      (c) The Company shall use all reasonable best efforts to
keep the Shelf Registration continuously effective, for the period described in
Section 1.8(b) hereof, by supplementing and amending the Shelf Registration if
required by the rules, regulations or instructions applicable to the
registration form used for such Shelf Registration, if required by the
Securities Act or if reasonably requested by the Holders of a majority in amount
of Registrable Securities (determined on a fully converted basis) covered by
such Shelf Registration.

                      (d) In the event any adjustment in the number of Shares
(as defined in the Warrant) would result in the issuance of additional
Registrable Securities upon exercise of the Warrant, the Company shall promptly,
and within ten (10) Business Days, amend or supplement the Shelf Registration in
order to effect a Shelf Registration of such additional Registrable Securities
pursuant to the terms of Section 1.8(b).

              1.9 Transfer of Registration Rights. Holders' rights to cause the
Company to register their securities and keep information available, granted to
them by the Company under



                                       6
<PAGE>

Sections 1.2, 1.7, and 1.8 may be assigned to a transferee or assignee of a
Holder's Registrable Securities not sold to the public, provided, that the
Company is given written notice by such Holder at the time of or within a
reasonable time after said transfer, stating the name and address of said
transferee or assignee and identifying the securities with respect to which such
registration rights are being assigned. The Company may prohibit the transfer of
any Holders' rights under this Section 1.9 to any proposed transferee or
assignee who the Company reasonably believes is a competitor of the Company.

        2.    General.

              2.1 Waivers and Amendments. With the written consent of the record
or beneficial holders of at least a majority of the Registrable Securities, the
obligations of the Company and the rights of the Holders of the Registrable
Securities under this agreement may be waived (either generally or in a
particular instance, either retroactively or prospectively, and either for a
specified period of time or indefinitely), and with the same consent the
Company, when authorized by resolution of its Board of Directors, may enter into
a supplementary agreement for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement;
provided, however, that no such modification, amendment or waiver shall reduce
the aforesaid percentage of Registrable Securities without the consent of all of
the Holders of the Registrable Securities. Upon the effectuation of each such
waiver, consent, agreement of amendment or modification, the Company shall
promptly give written notice thereof to the record holders of the Registrable
Securities who have not previously consented thereto in writing. This Agreement
or any provision hereof may be changed, waived, discharged or terminated only by
a statement in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought, except to the extent
provided in this Section 2.1.

              2.2 Governing Law. This Agreement shall be governed in all
respects by the laws of the State of California as such laws are applied to
agreements between California residents entered into and to be performed
entirely within California.

              2.3 Successors and Assigns. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto.

              2.4 Entire Agreement. Except as set forth below, this Agreement
and the other documents delivered pursuant hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and thereof.

              2.5 Notices, etc. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by first class mail,
postage prepaid, certified or registered mail, return receipt requested,
addressed (a) if to Holder, at such Holder's address as set forth below, or at
such other address as such Holder shall have furnished to the Company in
writing, or (b) if to the Company, at the Company's address set forth below, or
at such other address as the Company shall have furnished to the Holder in
writing.



                                       7
<PAGE>

              2.6 Severability. In case any provision of this Agreement shall be
invalid, illegal, or unenforceable, the validity, legality and enforceability of
the remaining provisions of this Agreement or any provision of the other
Agreement s shall not in any way be affected or impaired thereby.

              2.7 Titles and Subtitles. The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

[remainder of page intentionally left blank; signature page follows]



                                       8
<PAGE>

              2.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

PURCHASER                                    COMPANY

SILICON VALLEY BANK                          MTI TECHNOLOGY CORPORATION

By: /s/ Patrick J. O'Donnell                 By: /s/ Thomas P. Raimondi, Jr.
   --------------------------------             --------------------------------
Name: Patrick J. O'Donnell                   Name: Thomas P. Raimondi, Jr.
     ------------------------------               ------------------------------
               (print)                                       (print)

Title:                                       Title: Chairman of the Board,
      -----------------------------                 President or Vice President
Address:                                     Address:

Silicon Valley Bank                          MTI Technology Corporation
Attn: Treasury Department                    4905 E. La Palma Avenue
3003 Tasman Drive                            Anaheim, CA  92807
Santa Clara, CA  95054



                                       9