Using continueif is sqlldr

I have a data file that has multiline records with the record terminator of ctrl+Y

ie the following is actually to be loaded as 3 records.

A|A|test 1^M

test 1 continues^Y
A|B|test 2^Y
A|C|test 3^Y

How can I get sqlldr to load the who record into a single row?

I have tried a control file with the following line and get an error:

OPTIONS (ERRORS=999999, ROWS=1000)
LOAD DATA
TRUNCATE
INTO TABLE AAA
FIELDS TERMINATED BY "|"
CONTINUEIF LAST PRESERVE <> "^Y"
TRAILING NULLCOLS
( ...

10:54:09: SQL*Loader-350: Syntax error at line 16.
10:54:09: Expecting "(", found keyword continueif.
10:54:09: CONTINUEIF LAST <> "^Y"

Note the ^Y is a single character in the ctl file.

Moving the CONTINUEIF up before the INTO line works!

Don't know if the order of the entries in the control file are really documented but the following works:

OPTIONS (ERRORS=999999, ROWS=1000)
LOAD DATA
TRUNCATE
CONTINUEIF LAST PRESERVE <> "^Y"
INTO TABLE AAA
FIELDS TERMINATED BY "|"