The Cut provides a connection between Union Bay, part of Lake Washington, to the east and Portage Bay, an arm of Lake Union, to the west. It is spanned by the Montlake Bridge, a bascule drawbridge. Most of the land on the north shore of the Cut is occupied by the University of Washington, its medical school to the west and its stadium parking lot to the east; residences and a recreational trail occupy the south bank. It is the site of the annual Windermere Cup crew regatta and the Seattle Yacht Club's Opening Day Boat Parade, both of which take place on the first Saturday in May.