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Definition of Midi time code

Midi time code Definition from Computer & Internet Dictionaries & Glossaries
Like MIDI itself MTC tried to set new standards. Before MTC was developed there were dozens of boxes which could read/write SMPTE to tape and then convert to MIDI but they weren't universal so errors could occur. MTC is primarily used to synchronise MIDI (both music and audio files) to film and post production work. MTC is often described as the digital version of SMPTE.
Midi time code Definition from Encyclopedia Dictionaries & Glossaries
English Wikipedia - The Free Encyclopedia
MIDI time code (MTC), or MIDI time division, embeds the same timing information as standard SMPTE timecode as a series of small 'quarter-frame' MIDI messages. There is no provision for the user bits in the standard MIDI time code messages, and messages are used to carry this information instead. The quarter-frame messages are transmitted in a sequence of eight messages, thus a complete timecode value is specified every two frames. If the MIDI data stream is running close to capacity, the MTC data may arrive a little behind schedule which has the effect of introducing a small amount of jitter. In order to avoid this it is ideal to use a completely separate MIDI port for MTC data. Larger full-frame messages, which encapsulate a frame worth of timecode in a single message, are used to locate to a time while timecode is not running.

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Midi time code Definition from Entertainment & Music Dictionaries & Glossaries
Guitar Glossary
Also known as 'MTC', it is the MIDI equivalent to SMPTE. SMPTE timing data can be converted to MIDI time code messages that can be sent to a sequencer for synchronization purposes.
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The DJ Glossary
A method of translating SMPTE time code into MIDI messages for interlocking audio, video and film transport devices for recording and editing.
Stanton Magnetics