It looks like `curY (tty) >= FrameRows (tty) - 1`:
(lldb)
frame #9: 0x0000000100173380 Emacs`cmcheckmagic(tty=0x000000010180d000) at cm.c:118
115 if (curX (tty) == FrameCols (tty))
116 {
117 if (!MagicWrap (tty) || curY (tty) >= FrameRows (tty) - 1)
-> 118 emacs_abort ();
119 if (tty->termscript)
120 putc_unlocked ('\r', tty->termscript);
121 putc_unlocked ('\r', tty->output);
(lldb) p (tty)->Wcm->cm_magicwrap
(bool_bf) $0 = true
(lldb) p (tty)->Wcm->cm_curY
(int) $1 = 2
(lldb) p (tty)->Wcm->cm_rows
(int) $2 = 3