Generate MIDI Timecode
From the Options menu, choose Timecode, and choose Generate MIDI Timecode from the submenu if you want to generate MIDI timecode (MTC) when you click Play .
MIDI timecode (MTC) is a standard timecode that most applications and some hardware devices will use to synchronize themselves.
Generating MIDI timecode
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                                                    Specify a MIDI Output device to which you will send the timecode and a Frame rate for the timecode. These options can be found on the Sync page of the Preferences dialog. For more information, see Sync Tab 
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                                                    From the Options menu, choose Timecode, and choose Generate MIDI Timecode from the submenu. VEGAS Pro will generate MTC starting wherever you click Play . 
Viewing outgoing timecode
To view the outgoing timecode, right-click the Time Display and choose MIDI Timecode Out from the shortcut menu. The text will now display the outgoing MTC time.
                                                