Adobe Premiere Pro CC v.7.xx - Manual (Page 517)

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Disable or enable effects in a clip
Select one or more effects in the Effect Controls panel, and do one of the following:
Click the Effect button to disable effects.
Click an empty Effect button box to enable effects.
Deselect or select the Effect Enabled command in the Effect Controls panel menu.
You can create a custom keyboard shortcut for the Effect Enabled command. This will toggle an effect on and off.
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