using the len and the trim function you may achieve what you need.
Example (new code in bold):
if((Match(MOP,'FACI','PRIV','GUAR','CASH','CHRG','INV')<1 and ElecAdj = 0 ) or
(Match(MOP2,'FACI','PRIV','GUAR','CASH','CHRG','INV',' ',)<1 and len(trim(MOP2)) >0 and ElecAdj2 = 0),1,0) as Flag,
What they do:
Trim: Remove white spaces from beginning and end of a specific value
Len: Return the length in characters of a specific value
Combining these two functions we avoid nulls and blanks, as both return zero in its length when trimmed.
Please let me know if this helps.