It is located inside the motor housing. If you take it apart you will see a plastic like tube on the end of two wires going into the motor but not connecting to anything in the motor. They are usually white. That is the overload fuse or thermal protect fuse.
There isn't a thermal overload in this tool. If it is shutting off after somewhat hard use if could be the unit that controls the variable speed. What you can do is if you have a heat gun is plug the tool in and run it and apply the heat to the area of the handle where the it is being careful not to get too close. If it shuts off in a matter of minutes (usually shorter) the unit is bad and needs replaced. While you have it out look at the flag terminals at the brush tubes to make sure they are all the way pushed in. Let me know if I can help further. I hope this corrects the other comment.
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How do I replace the Quick Clamp on my Milwaukee Sawzall
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