1. Preheat oven to 350° F. Spray 10-cup Bundt pan with no stick cooking spray with flour. Mix flour, cocoa, baking powder, ginger, baking soda and cinnamon in medium bowl. Set aside.
2. Beat butter, sugar and molasses in large bowl with electric mixer on medium speed until smooth. Beat in egg. Add flour mixture alternately with water, stirring just until blended. Stir in chocolate chips. Pour into prepared pan.
3. Bake 40 minutes or until toothpick inserted near center comes out clean. Cool in pan 15 minutes. Remove from pan. Cool completely on wire rack.
4. Prepare Vanilla Butter Glaze. Spoon over cooled cake. Let stand until glaze is set.
Vanilla Butter Glaze: Mix 3 tablespoons butter, melted, 2 1/4 cups confectioners' sugar, 3 tablespoons water and 1 1/2 teaspoons McCormickÂ® Pure Vanilla Extract in medium bowl until well blended and smooth. Let stand 5 minutes.