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' says to put letters next to each other.
'on vacation' suggests removing the centre (after the inside letters have vacated the word).
'asian' with its centre taken out 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" .)