What will the following code produce?

define( 'CONSTANT', 1 );
define( '_CONSTANT', 0 );
define( 'EMPTY', '' );

if( !empty( EMPTY ) ) {
	if( !( ( boolean ) _CONSTANT ) ) {
		print 'One';
	}
}
else if( constant( 'CONSTANT' ) == 1 ) {
	print 'Two';
}