Document:

<PAGE>
                                                                   Exhibit 10.73

                                FIRST AMENDMENT
                         TO LOAN AND SECURITY AGREEMENT

  This First Amendment to Loan and Security Agreement is entered into as of June
30, 2003 (the "Amendment"), by and between COMERICA BANK, successor by merger
(effective July 1, 2003) to  COMERICA BANK-CALIFORNIA ("Bank") and MTI
TECHNOLOGY CORPORATION ("BORROWER").

                                    RECITALS

  Borrower and Bank are parties to that certain Loan and Security Agreement
dated as of November 13, 2002, as amended from time to time (the "Loan
Agreement"). The parties desire to amend the Loan Agreement in accordance with
the terms of this Amendment.

  NOW, THEREFORE, the parties agree as follows:

1.  The definition of Revolving Maturity Date in Section 1.1 of the Loan
Agreement is amended in its entirety to read as follows:

      "Revolving Maturity Date" means May 31, 2004.

2.  Unless otherwise defined, all capitalized terms in this Amendment shall be
as defined in the Loan Agreement. Except as amended, the Loan Agreement remains
in full force and effect.

3.  Borrower represents and warrants that the representations and warranties
contained in the Loan Agreement are true and correct as of the date of this
Amendment, and that no Event of Default has occurred and is continuing.

4.  This Amendment may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one
instrument.

5.  As a condition to the effectiveness of this Amendment, unless waived by
Bank, Bank shall have received, in form and substance satisfactory to Bank, the
following:

      (a) this Amendment duly executed by:

      (b) the Standby Letter of Credit, issued by Bank of America for the
benefit of Bank, in the minimum amount of the Revolving Line, shall be amended
or reissued to bear an expiry date of no earlier than June 30, 2004;

      (c) an amount equal to all expenses incurred to date in connection with
the Loan Documents; and

      (d) such other documents, and completion of such other matters, as Bank
may reasonably deem necessary or appropriate.

      IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the first date above written.

                                          COMERICA BANK, successor by merger to
                                          COMERICA BANK-CALIFORNIA

                                          By: /s/ Derek Hout
                                              _______________________________

                                          Name: Derek Hout
                                                _____________________________

                                          Title: Assistant Vice President
                                                _____________________________

                                          MTI TECHNOLOGY CORPORATION

                                          By: /s/ Mark A. Franzen

                                          Name:   Mark A. Franzen
                                                _______________________________

                                          Title:  CFO
                                                _______________________________
<PAGE>
                        CORPORATE RESOLUTIONS TO BORROW

------------------------------------------------------------------------------

BORROWER:  MTI TECHNOLOGY CORPORATION

------------------------------------------------------------------------------

     I, the undersigned Secretary or Assistant Secretary of MTI TECHNOLOGY
CORPORATION (the "Corporation"), HEREBY CERTIFY that the Corporation is
organized and existing under and by virtue of the laws of Delaware.

     I FURTHER CERTIFY that attached hereto as Attachments 1 and 2 are true and
complete copies of the Certificate of Incorporation, as amended, and the Bylaws
of the Corporation, each of which is in full force and effect on the date
hereof.

     I FURTHER CERTIFY that at a meeting of the Directors of the Corporation
duly called and held, at which a quorum was present and voting, (or by other
duly authorized corporate action in lieu of a meeting), the following
resolutions were adopted.

     BE IT RESOLVED, that ANY ONE (1) of the following named officers,
employees, or agents of this Corporation, whose actual signatures are shown
below:
              Mark Franzen
<Table>
<Caption>
   NAMES                   POSITIONS                  ACTUAL SIGNATURES
   -----                   ---------                  -----------------
<S>                   <C>                            <C>
Tom Raimodi                     CEO                  /s/ TOM RAIMODI
--------------        -----------------------        -------------------------
Mark Franzen                    CFO                  /s/ Mark Franzen
--------------        -----------------------        -------------------------

Todd Schaeffer            VP - Controller            /s/ TODD SCHAEFFER
--------------        -----------------------        -------------------------

Mark Almorda          Financial Planning Mgr.       /s/ MARK ALMORDA
--------------        -----------------------        -------------------------
</Table>

acting for and on behalf of this Corporation and as its act and deed be, and
they hereby are, authorized and empowered:

     BORROW MONEY. To borrow from time to time from Comerica Bank, successor by
merger to Comerica Bank-California ("Bank"), on such terms as may be agreed
upon between the officers, employees, or agents and Bank, such sum or sums of
money as in their judgment should be borrowed, without limitation, including
such sums as are specified in that certain Loan and Security Agreement dated as
of November 13, 2002, as amended from time to time, including but not limited
to that certain First Amendment to Loan and Security Agreement dated as of June
30, 2003 (the "Amendment").

     EXECUTE AMENDMENTS. To execute and deliver to Bank the Amendment, and also
to execute and deliver to Bank one or more renewals, extensions, modifications,
consolidations, or substitutions therefor.

     GRANT SECURITY. To grant a security interest to Bank in the Collateral
described in the Amendment, which security interest shall secure all of the
Corporation's Obligations, as described in the Amendment.

     NEGOTIATE ITEMS. To draw, endorse, and discount with Bank all drafts,
trade acceptances, promissory notes, or other evidences of indebtedness payable
to or belonging to the Corporation or in which the Corporation may have an
interest, and either to receive cash for the same or to cause such proceeds to
be credited to the account of the Corporation with Bank, or to cause such other
disposition of the proceeds derived therefrom as they may deem advisable.

<PAGE>
     FURTHER ACTS. In the case of lines of credit, to designate additional or
alternate individuals as being authorized to request advances thereunder, and in
all cases, to do and perform such other acts and things, to pay any and all fees
and costs, and to execute and deliver such other documents and agreements as
they may in their discretion deem reasonably necessary or proper in order to
carry into effect the provisions of these resolutions.

     BE IT FURTHER RESOLVED, that any and all acts authorized pursuant to these
resolutions and performed prior to the passage of these resolutions are hereby
ratified and approved, that these resolutions shall remain in full force and
effect and Bank may rely on these resolutions until written notice of their
revocation shall have been delivered to and received by Bank. Any such notice
shall not affect any of the Corporation's agreements or commitments in effect at
the time notice is given.

     I FURTHER CERTIFY that the officers, employees, and agents named above are
duly elected, appointed, or employed by or for the Corporation, as the case may
be, and occupy the positions set forth opposite their respective names; that the
foregoing resolutions now stand of record on the books of the Corporation; and
that the Resolutions are in full force and effect and have not been modified or
revoked in any manner whatsoever.

     IN WITNESS WHEREOF, I have hereunto set my hand on June 30, 2003 and attest
that the signatures set opposite the names listed above are their genuine
signatures.

                                                  CERTIFIED TO AND ATTESTED BY:

                                                  X /s/ MARK A. FRANZEN
                                                   ____________________________

<PAGE>
[BANK OF AMERICA LETTERHEAD]

DATE: JUNE 30, 2003

AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3051683

AMENDMENT NUMBER 2

             BENEFICIARY                             APPLICANT
COMERICA BANK CALIFORNIA                     MTI TECHNOLOGY CORPORATION
INTERNATIONAL DIVISION                       4905 E. LA PALMA AVE.
9920 SOUTH LA CIENEGA BLVD 11TH FLR        ANAHEIM, CA 92807
INGLEWOOD, CA 90301-4423

THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT AND
MUST BE ATTACHED THERETO.

THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS:

THE EXPIRATION DATE IS AMENDED TO: JUNE 30, 2004.

THE AUTOMATIC RENEWAL CLAUSE IS STILL IN EFFECT.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT,
PLEASE CALL 213-345-0042.

        /s/ Teena Evangelista                     /s/ Lawrence Banales
-------------------------------------    --------------------------------------
         AUTHORIZED SIGNATURE                      AUTHORIZED SIGNATURE
          TEENA EVANGELISTA                          LAWRENCE BANALES

                      THIS DOCUMENT CONSISTS OF 1 PAGE(S).<PAGE>
                                                                   EXHIBIT 10.74

                                            COMERICA BANK-CALIFORNIA
                                            INTERNATIONAL TRADE SERVICES
FAX NO. (310_647-3407                       9920 S. LA CIENEGA BLVD. 11TH FL.
SWIFT: MNBDUS6S LAX                         INGLEWOOD, CA 90301

ADVICE OF LETTER OF CREDIT                  DATE: OCTOBER 29, 2002

                                            COMERICA BANK'S ADVICE NO.
                                            578250 -40

BENEFICIARY:                                ISSUING BANK:
COMERICA BANK - CALIFORNIA                  BANK OF AMERICA, N.A.
INTERNATIONAL DEPT.                         333 SOUTH BEAUDRY AVENUE, 19TH FLR.
9920 S. LA CIENEGA BLVD, 11TH FLOOR         CA9-703-19-09
INGLEWOOD, CA 90301                         LOS ANGELES, CA 90017
                                            L/C NO.  3051683

                                            APPLICANT
                                            MTI TECHNOLOGY CORPORATION
                                            4905 E. LA PALMA AVE.
AMOUNT: 7,000,000.00 USD                    ANAHEIM, CA 92807

DATE AND PLACE OF EXPIRY:
NOVEMBER 30, 2003 BANK OF AMERICA COUNTERS

GENTLEMEN:

AT THE REQUEST OF THE ISSUING BANK WE ARE PLEASED TO ENCLOSE A LETTER OF CREDIT
ISSUED IN YOUR FAVOR.

THIS IS SOLELY AN ADVICE OF A LETTER OF CREDIT OPENED BY THE ABOVE-MENTIONED
ISSUING BANK, AND CONVEYS NO ENGAGEMENT OR OBLIGATION ON OUR PART BEYOND
AUTHENTICATION.

DOCUMENTS MUST CONFORM STRICTLY WITH THE TERMS OF THE ENCLOSED LETTER OF CREDIT.
IF YOU ARE UNABLE TO COMPLY WITH ITS TERMS AS STIPULATED OR IF THIS LETTER OF
CREDIT IS NOT ACCEPTABLE TO YOU FOR ANY REASON, PLEASE COMMUNICATE WITH THE
APPLICANT TO REQUEST AN AMENDMENT.

THIS ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS THERETO MUST BE SUBMITTED
TOGETHER WITH ANY DRAWINGS FOR ENDORSEMENT OF ANY PAYMENTS EFFECTED AND/OR FOR
CANCELLATION.

THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION 500.

SPECIAL INSTRUCTIONS.

FOR YOUR CONVENIENCE WE HOLD THE ORIGINAL LETTER OF CREDIT IN OUR FILES.

PLEASE REFER TO OUR FEE SCHEDULE.

                                              /s/ Mark Thorne
                                    -------------------------------------
                                            AUTHORIZED SIGNATURE

FOR INQUIRIES CALL: AMY WONG OR ROMY BOSANCIO AT TEL: 310-417-7774 OR
310-417-7760
<PAGE>
(BANK OF AMERICA LOGO)                              COMERICA BANK-CALIFORNIA
                                                    OUR REF. 578250
                                                    This instrument is forwarded
                                                    to you without engagement or
                                                    responsibility on our part.

                                                                          PAGE 1

DATE: OCTOBER 24, 2002

IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3051683

     BENEFICIARY                              APPLICANT
COMERICA BANK CALIFORNIA                MTI TECHNOLOGY CORPORATION
INTERNATIONAL DIVISION                  4905 E. LA PALMA AVE.
9920 SOUTH LA CIENEGA BLVD 11TH FLR     ANAHEIM, CA 92807
INGLEWOOD, CA 90301-4423

                                                AMOUNT
                                        NOT EXCEEDING USD 7,000,000.00
                                        NOT EXCEEDING SEVEN MILLION AND
                                        00/100'S US DOLLARS

                                             EXPIRATION
                                        NOVEMBER 30, 2003 AT OUR COUNTERS

WE HEREBY ESTABLISH IN BENEFICIARY'S FAVOR, FOR THE ACCOUNT OF MTI TECHNOLOGY
CORPORATION ("CUSTOMER"), OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 3051683
("LETTER OF CREDIT"), EFFECTIVE IMMEDIATELY AND EXPIRING ON THE CLOSE OF
BANKING BUSINESS AT OUR OFFICE ON NOVEMBER 30, 2003 OR ANY SUCH AUTOMATICALLY
EXTENDED EXPIRATION DATE AS PROVIDED HEREIN BELOW. FUNDS UNDER THIS STANDBY
LETTER OF CREDIT, ARE AVAILABLE FOR PAYMENT UPON PRESENTATION OF BENEFICIARY'S
SIGHT DRAFT(S) DRAWN ON US REFERRING TO THIS STANDBY LETTER OF CREDIT IN AN
AMOUNT NOT EXCEEDING THE AVAILABLE AMOUNT (AS DEFINED BELOW) ACCOMPANIED BY
EITHER OF THE FOLLOWING:

1.   BENEFICIARY'S SIGNED STATEMENT CERTIFYING THAT (A) AN EVENT CONSTITUTING A
DEFAULT BY CUSTOMER HAS OCCURRED UNDER THE TERMS OF A LOAN AND SECURITY
AGREEMENT EXECUTED BY CUSTOMER OR ANY OTHER AGREEMENT BETWEEN BENEFICIARY AND
CUSTOMER AND THAT (B) THE AMOUNT OF SAID SIGHT DRAFT DOES NOT EXCEED THE LESSER
OF (I) THE SUM DUE BENEFICIARY UNDER SAID AGREEMENT AND ANY OTHER AGREEMENT
BETWEEN BENEFICIARY AND CUSTOMER OR (II) THE INITIAL AMOUNT MINUS THE SUM OF ALL
PRIOR DRAWINGS UNDER THIS STANDBY LETTER OF CREDIT (THE "AVAILABLE AMOUNT"); OR

2.   BENEFICIARY'S SIGNED STATEMENT CERTIFYING THAT, ON OR BEFORE THE SIXTY
(60) DAYS PRIOR TO THE EXPIRATION DATE, NEITHER (A) HAS THIS STANDBY LETTER OF
CREDIT BEEN EXTENDED FOR A TERM OF NOT LESS THAN TWELVE (12) MONTHS, NOR (B)
HAS BENEFICIARY RECEIVED A SUBSTITUTE IRREVOCABLE STANDBY LETTER OF CREDIT IN
AN AMOUNT, FORM, WITH AN EXPIRATION DATE, AND ISSUED BY AN INSTITUTION
SATISFACTORY TO BENEFICIARY.

BENEFICIARY'S STATEMENT PRESENTED UNDER THIS LETTER OF CREDIT MAY BE MADE BY
AUTHENTICATED SWIFT/TELEX TO US AT OUR SWIFT ADDRESS SCFAUS6S AND OUR TELEX NO.
MCI167652. IN WHICH CASE, PRESENTATION OF A DRAFT WILL NOT BE REQUIRED.
HOWEVER, THE NAME AND CAPACITY OF THE AUTHORIZED REPRESENTATIVE MUST BE
INDICATED IN THE MESSAGE.

THIS ORIGINAL STANDBY LETTER OF CREDIT SHALL BE SURRENDERED TO US WITH ANY
SIGHT DRAFT(S) IN WHICH THE PAYMENT WOULD CAUSE THE AVAILABLE AMOUNT TO EQUAL
ZERO.

WE HEREBY ENGAGE WITH THE BENEFICIARY THAT ANY DRAFT(S) DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT WILL BE
DULY HONORED BY PAYMENT TO BENEFICIARY WITHIN 3 BUSINESS DAYS AFTER RECEIPT OF
DOCUMENTS IN SAME DAY FUNDS TO AN ACCOUNT DESIGNATED BY BENEFICIARY IN THE
SIGHT DRAFT(S) IF PRESENTED TO US AT OUR OFFICE AT BANK OF AMERICA, N.A., 333
S. BEAUDRY AVENUE, 19TH FLOOR, LOS ANGELES, CA 90017, ATTN: STANDBY LETTER OF
CREDIT DEPT., (DURING NORMAL BANKING HOURS) ON OR BEFORE THE CLOSE OF BANKING
BUSINESS ON THE EXPIRATION DATE.

                                    ORIGINAL

Bank of America, R. A. Trade Corporation
Mail Order: CA9-703-19-09
333 S. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017
<PAGE>
[BANK OF AMERICA LETTERHEAD]

                                                                         PAGE: 2

THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3051683

UPON THE EARLIER OF (I) THE DATE ANY PAYMENT BY US OF A DRAFT DRAWN UNDER THIS
STANDBY LETTER OF CREDIT CAUSES THE AVAILABLE AMOUNT TO EQUAL ZERO; OR (II)
THE SURRENDER TO US BY BENEFICIARY OF THIS STANDBY LETTER OF CREDIT AND A
LETTER AUTHORIZING US TO CANCEL, THIS STANDBY LETTER OF CREDIT SHALL
AUTOMATICALLY TERMINATE.

PARTIAL DRAWINGS AND MULTIPLE DRAWINGS UNDER THIS STANDBY LETTER OF CREDIT ARE
PERMISSABLE.

THIS LETTER OF CREDIT IS TRANSFERABLE SUCCESSIVELY, IN ITS ENTIRETY, UP TO THE
THEN AVAILABLE AMOUNT. TRANSFER OF THIS LETTER OF CREDIT IS SUBJECT TO OUR
CONSENT AND OUR RECEIPT OF BENEFICIARY'S INSTRUCTIONS IN THE FORM ATTACHED
HERETO AS EXHIBIT A ACCOMPANIED BY THE ORIGINAL LETTER OF CREDIT AND
AMENDMENT(S) IF ANY, COSTS OR EXPENSES OF SUCH TRANSFER SHALL BE FOR THE ACCOUNT
OF THE APPLICANT.

IF ANY DRAWING PRESENTED UNDER THIS LETTER OF CREDIT DOES NOT IN ANY INSTANCE
CONFORM TO THE TERMS AND CONDITIONS HEREOF, WE HEREBY AGREE TO GIVE THE
BENEFICIARY NOTICE OF THE NON-CONFIRMING PRESENTATION WITHIN THREE (3) BUSINESS
DAYS FROM THE DATE OF PRESENTATION.

IT IS A CONDITION OF THIS STANDBY LETTER OF CREDIT THAT THE EXPIRATION DATE
SHALL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR A PERIOD OF ONE YEAR FROM
EACH SUCCESSIVE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS BEFORE THE
THEN CURRENT EXPIRATION DATE, WE SHALL NOTIFY YOU IN WRITING BY REGISTERED MAIL
(RETURN RECEIPT REQUESTED), OVERNIGHT COURIER OR AUTHENTICATED SWIFT MT799 THAT
THIS LETTER OF CREDIT WILL NOT BE EXTENDED BEYOND THE THEN CURRENT EXPIRATION
DATE.

EXCEPT AS EXPRESSLY STATED HEREBY THIS IRREVOCABLE STANDBY LETTER OF CREDIT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE UNIFORM CUSTOMS AND
PRACTICES FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500, AND AS TO MATTERS NOT GOVERNED BY THE UNIFORM
CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDITS, SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION,
PLEASE CALL 213-345-0153.

/S/ MANUEL BANUELOS                               /S/ LAWRENCE BANALES
--------------------------                        ---------------------------
AUTHORIZED SIGNATURE                              AUTHORIZED SIGNATURE

MANUEL BANUELOS                                   LAWRENCE BANALES

                                    ORIGINAL

[RECYCLED PAPER LOGO]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]