Indo-European fairly regularly meeting Asian on vacation (5)
I believe the answer is:
aryan
'indo-european' is the definition.
(synonyms)
'fairly regularly meeting asian on vacation' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'meeting' is a charade indicator (letters next to each other).
'on vacation' means to remove the middle letters (after the inside letters have vacated the word).
'asian' with its middle removed is 'an'.
The alternate letters of 'fairly' are 'ary'.
'ary'+'an'='ARYAN'
(Other definitions for aryan that I've seen before include "Ancient language" , "Denoting Caucasian origin, in Nazi ideology" , "Early Indo-European language" , "One of an ancient people" , "Ancient Indo-European" .)