If your opponent controls a monster and you control no monsters: You can target 1 "Noble Arms" Equip Spell Card and 1 appropriate "Noble Knight" monster in your Graveyard; Special Summon that monster, and if you do, equip that Equip Spell Card to that appropriate monster. You can only activate 1 "Last Chapter of the Noble Knights" per turn.
Your opponent controls a monster
You control no monsters
You have a "Noble Knight" in your GY that can be special summoned
You have a "Noble Arms" in your GY that can be equipped to the "Noble "Knihgt" monster
Great card, I run one in my Noble Knights Deck incase I lose all my Drystans. It has come in clutch so many times.