$re = '~(?<=^|<br/>)(?:(?!<br/>).)*other than Incremental Company Loans[\s\S]*?(?=[.;]<br/>|$)~i';
$str = 'Maximum number of Utilisations<br/>A Borrower (or the Parent) may not deliver a Utilisation Request if as a result of the proposed Utilisation:<br/>[ 10 ] or more Term Loans [(other than Incremental Company Loans)] would be outstanding; [or]<br/>[ 15 ] or more Revolving Company Utilisations would be outstanding[; or<br/>[ 20 ] or more Incremental Company Loans would be outstanding].<br/>A Borrower (or the Parent) may not request that a Company A Loan [or an Incremental Company Loan] be divided if, as a result of the proposed division, [ 25 ] or more Company A Loans [or [ 50 ] or more Incremental Company Loans] would be outstanding.<br/>[A Borrower (or the Parent) may not request that a Company B Loan or a Company C Loan be divided.]';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php